Structured Data Management Software Market Size, Trends [2031]

Report Description

Structured Data Management Software Market Outlook 2031

The global structured data management software market size was USD 70.5 Billion in 2022 and is likely to reach USD 133 Billion by 2031, expanding at a CAGR of 7.30% during 2023–2031. The surge in demand for centralized data storage solutions across several sectors fuels the market. Rising use of advanced digital tools for automation and efficient workflow across departments is expected to propel the market.

The digital infrastructure workings widely rely on the quality of the data available to the enterprises. This requires the adoption of efficient data collection and management practices with digital tools. Structured data is easy to comprehend for humans and machines. The software solutions enable one-stop management of various data records. The growing use of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), among other emerging tools are expected to propel the market.

• According to a report published in December 2021 by Dataconomy, a prominent news, events, and opinion portal about data technology, about 90% of data available worldwide is in unstructured format or does not have defined schema. Analyzing such data is a major struggle, which necessitates the use of structured data management solutions.

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The research report finds that the COVID-19 pandemic propelled the structured data management software market. Digitization of data and operations was adopted as a key initiative during this time by many organizations as a business continuity plan. This helped companies to run operations remotely in their capacity and facilitated ways to serve the customer base.

The digital growth in the midst of the pandemic spurred the volume of data generated by enterprise digital solutions. Several organizations realized the importance of data for future growth needs and adopted data management solutions. Post the normalization of the pandemic scenario, digital adoption is becoming crucial across the sectors, which is benefiting the market.

Impact of Artificial Intelligence (AI) on the Structured Data Management Software Market

Artificial intelligence is expected to support the market during the forecast period. Key mechanisms of AI are driven by the data and its quality. Quality structured data is essential for organizations to start taking benefit from the different advanced solutions. AI tools easily work with structured data, such as bank records, names, phone numbers, locations, and credit card numbers.

AI technology is projected to be a significant addition to structured data management software, as it has the ability to quickly analyze vast amounts of data and arrange it based on recognized patterns and order. Several key players in the market have already begun integrating AI with their software offerings to aid clients in expediting their data management operations.

• A study published in January 2023 reveals that 61% of participants in the survey believe that AI is likely to have a substantial effect on their industry in the coming three to five years. More than 50% of surveyed executives are spending above USD 20 million toward talent and technology related to AI.

Structured Data Management Software Market Dynamics

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Major Drivers

Growing demand for centralized storage solutions for enterprise data is a major driver of the market. Several advantages are facilitated by such central data storage systems, which include data integrity, consistency, efficiency, security, and cost efficiency. Having a single source of data allows organizations to improve the productivity of the technology infrastructure, thereby, accelerating ROI on the campaigns and digital tools. Data centralization further improves collaboration and speed across departments by providing access to complete and validated data.

• According to the recently published Customer Data Maturity Study by Treasure Data, a customer data management solution provider, more than three-quarters of surveyed companies, about 78%, depend on centralized customer data as a part of the data strategy. It further stated that centralized customer data provides enhanced efficiency (64%) and improved business growth (57%).

Existing Restraints

Increasing incidences of data breaches are anticipated to hinder the market during the forecast period. Several customer data contain sensitive information, which, if fallen into the wrong hands causes severe setbacks to the reputation of the firm, resulting in a lack of trust from customers. Such risks to customer data limit the adoption of data management tools among companies, thereby, restricting the market. Rising cybersecurity breaches and restricted template options to store this data are further likely to affect the market.

Emerging Opportunities

Rising demand for cloud computing solutions for structured data management is expected to widen opportunities for the key players in the market. Cloud solutions are proving beneficial for all sizes of enterprises, owing to their flexibility, cost, and scalability advantages, among several others. The dependence on cloud data solutions is steadily growing, as new solutions with the addition of technology, such as AI are emerging.

Scope of The Structured Data Management Software Market Report

The global market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Structured Data Management Software Market Segment Insights

Deployment Segment Analysis

Based on deployment, the structured data management software market is bifurcated into on-premises and cloud-based. The on-premises segment is expected to expand at a significant CAGR during the forecast period. The segment growth is attributed to the several organizations preferring in-house solutions over third-party data management services, due to data security concerns and the need to protect sensitive customer records from breaches.

The cloud segment is projected to register rapid growth in the coming years, owing to several advantages offered by these services to enterprises, including quick integration and premium offerings at an affordable subscription rate. The reliance on cloud data management tools is widening across the sectors, as they are allowing companies to benefit from technological advances in the quickest possible ways.

The customer records stored on the cloud are accessed by authorized users as and when needed in a flexible manner. These solutions are allowing numerous companies to save their resources and enhance data operation, leading to a boost in productivity.

• According to recent studies, nearly 60% of the enterprise corporate data was stored on the cloud in 2022. This highlighted a significant increase over the 2015 cloud data volume, which was just 30%.

Enterprise Size Segment Analysis

On the basis of enterprise size, the global market is divided into small & medium enterprises and large enterprises. The large enterprises segment held a major share of the market in 2022 and is projected to register a substantial CAGR during the forecast period. The segment is propelled by the generation of large data volumes on a regular basis across departments coupled with the need to adopt data-driven practices across organizations to boost productivity.

The well-structured data is benefitting companies in quick decision-making and integrating automation tools to eliminate manual errors and unnecessary delays. The small & medium enterprises segment is anticipated to exhibit rapid growth with the growing adoption of cloud digital solutions for data management to enhance business operations.

These digital data management tools are effective for SMEs to face the rise of competition in modern times. Data-driven practices are rising at a rapid pace, with the growing implementation of enterprise software across SMEs, enabling better customer servicing, expansion of reach, and increase of productivity.

End-user Segment Analysis

On the basis of end-user, the structured data management software market is segmented into healthcare, government, BFSI, retail, eCommerce, manufacturing, automobile, IT & telecom, and others. The banking, financial services and insurance (BFSI) segment is expected to exhibit a robust growth rate during the projection period, owing to the wide adoption of structured data management software with the growing volume of random (unstructured) data points.

The rise of digitization has significantly transformed this sector, as the customer is relying heavily on digital banking and insurance tools to manage their money and investments. Thus, digital registrations, transactions, sign-ups, and inquiries have sharply grown. However, the adoption of structured data management software has become highly necessary to manage this huge daily generated customer data. These factors are expected to fuel the segment during the assessment period.

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Regional Outlook

In terms of region, the global structured data management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to dominate the market during the forecast period, due to the growing adoption of risk management software and services.

The digital ecosystem is widening in the region, which is majorly driven by past data available to companies and the collection of new data points with efficient tools. The need for timely availability of authentic data for entering into various data analytics and presentations is projected to boost the market. The growing emergence of AI-powered data management and analytics tools and the rising awareness about structured data is further boosting the market in this region.

The market in Asia Pacific is anticipated to demonstrate rapid growth, owing to the rising adoption of data storage and processing tools, such as big data management. Increasing acceptance of cloud-structured data management software by SMEs in the region, owing to their multilateral advantages fuels the market. The rising digitization across sectors in emerging economies, such as India, China, and Japan, is scaling opportunities for the key players competing in the market.

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